The problem with these type one one-man shows is that you open yourself up to a powerful entrepreneurs personal problems. Musk's divorce could easily have resulted in a similar situation to the Dodgers debacle I mentioned elsewhere.
Safran is an outfit of men, not personalities.
Suppose Musk undercuts everyone, runs off the competition, then folds. Can you imagine the time it would take to rebuild the infrastructure, the workforce? Same with folks who want to end the post office. Once you do that--THAT'S IT.
This is why I always prefered Arsenal approach as was done with ABMA--you take the personalities out of it as much as you can. Institutions not individuals. People have this idea that NASA should buy rides and not be in the rocket making business. I have never bought that line. There was an article in AV WEEK (page 17 Of the January 16, 2012) showing a disgruntled Army man sick of contractors telling him what he needed for a helicopter project. Like Griffin, he was of the old school of keeping contactors on a short leash (a choke chain at that). But that's politics...
Dynetics is to have F-1 powered strap-ons--which is what I would prefer--and we have plenty of medium lift rockets in the stable now. Liberty might usurp SLS funding too. Remember folks once said that Ares I would distract from HLV support--so we needed to cancel Ares I and focus on HLV, and how Musk should compete against ULA for more modest sized LEO-only LVs.
Suits me. Let him and ULA fight it out. If Safran can do Liberty on their own dime and make it work--that's fine too.